Distressed Homeowners Beware!

In our weekly e-mail blast from the California Association of Realtors, we were brought up to date on yet another way that distressed homeowners are being taken advantage of.  Apparently there are companies out there who will take your money under the guise of helping you “renegotiate” your loan with your lender.  After they take your money, the service that they provide you with is questionable.   According to CAR’s report, the California Department of Real Estate reported only 10 complaints last July about these companies.  This year they have 750.  If you are about to give one of these types of services your business, you may want to check this list and if they are on it, ask them why.

This is not to say that all companies of this type are illegal or unethical.  If the DRE has reviewed the company and has approved of them, they perform a useful function and until they prove themselves differently, are reputable.  Ask them if they have a license from the Department of Real Estate and if you have a question, be sure to contact the Department of Real Estate.  You can find them here.  And while you are at it, look at that handsome devil up there in the left hand corner.  Looks like he may have been a movie star, huh?

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